Everything You Need to Know About Stellar Lumens

Stellar is a popular blockchain platform for the lumen cryptocurrency, and if you’re debating on how to get involved, this guide is for you. We have another guide on the basics of cryptocurrency to check out if you’re new to industry as a whole. This guide is specifically geared toward stellar.

What Is Stellar?

Stellar was created by Jed McCaleb and Joyce Kim with the intent of enabling financial transactions for the unbanked and underbanked, especially in third-world countries. It’s an open-source protocol for global value exchange, and the stellar cryptocurrency is called lumens.

The stellar protocol is supported by the nonprofit Stellar Development Foundation. It was originally based on the Ripple protocol but forked in 2015 with proprietary code.

Stellar is a smart contract network similar to ethereum, although it improves upon its drawbacks. An estimated 34,000 ethereum smart contracts are believed to be defective, and various security and technical issues have come up since its widespread usage. Stellar also adopted the Lightning network to prepare for mass adoption.

How Much Is Stellar Worth?

Stellar has a market cap of $4,043,342,756, as of March 27, 2018. This is based on a circulating supply of 18,550,592,329 XLM, with each XLM token being worth $0.217963. Over $33 million in XLM is traded each day.

The peak price of XLM so far occurred on January 3, 2018, at a price of $0.91.

XLM can not be mined, and the maximum supply is 103,807,834,721.

Who Supports Stellar?

Stellar partnered with IBM, Deloitte, Stripe, and eToro. These strategic partners give it clout when drawing new ICOs to its platform. Stellar is gaining support on cryptocurrency exchanges and even introduced its own ATM in Singapore in early 2018.

Stellar is focused on underdeveloped parts of Africa, where underbanked and unbanked individuals can use financial services the most. Whereas most cryptos focus on traditional banks, its business model is aimed at competing directly with Western Union and Moneygram.

Many developers who found issues with the ethereum platform are considering Stellar as an alternative, making it a blockchain to watch in 2018.

Where Can I Buy/Sell Stellar?

If you want to buy XLM coins, it can be done on most popular crypto exchanges, including Binance, although you’ll need to exchange your fiat money to a crypto like bitcoin or ethereum at CoinBase first. A full list of exchanges supporting XLM can be found at Stellar.org.

If you have any other questions about Stellar’s cryptocurrency, standards, or blockchain not covered above, please feel free to leave a comment below.

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Brian Penny is a former Business Analyst and Operations Manager at Bank of America turned whistleblower, troll, and freelance writer.

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